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UPDATE 1-UK's IG Group to buy DailyFX from FXCM Inc for $40 mln
September 30, 2016 / 7:06 AM / a year ago

UPDATE 1-UK's IG Group to buy DailyFX from FXCM Inc for $40 mln

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Sept 30 (Reuters) - Online trading company IG Group Holdings Plc said it had agreed to buy news and research portal DailyFX and its associated assets from U.S. retail broker FXCM Inc for $40 million.

IG Group said the deal, which is expected to close by the end of October, would add about 5 million pounds ($6 million) to ongoing operating costs annually and add to earnings from IG’s 2018 financial year.

Upon completion, the DailyFX business along with its web domains, source code, content and 34 employees will be transferred to IG, FXCM said.

FXCM, which is the largest U.S. retail broker, with about 200,000 customers worldwide and 88,000 in the United States, said it would use the proceeds from the sale to repay debt.

IG Group, which has over 152,600 active clients according to its website, said the deal would “significantly enhance” its ability to bring on new clients improve the retention rates of current clients.

$1 = 0.7715 pounds Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair

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